Scotiabank will buy I-N-G Bank of Canada for 3.13 billion dollars in cash, pending regulatory approval.
The Netherlands-based parent company of I-N-G Canada has been having a hard time keeping its balance sheet healthy amid bad loans and declining margins.
The net investment by Scotiabank is expected to be 1.9 billion, after deducting excess capital at I-N-G Direct.
The deal was announced after markets closed.
